According BitInstant, “We are moving forward and the arrangement with MasterCard will be handled in due time at the proper stage of the process by the partners who work directly with that company.”

“BitInstant’s partners, who are issuing the card, have been working with MasterCard for many years, and the specific relationship will be between these partners and MasterCard (not directly between MasterCard and BitInstant)”. American Express, Visa, PayPal and Discover are not being named as potential partners.

“All balances for the purposes of the card will be held and collateralized in USD (or the cardholder’s native currency)”, said the BitInstant Team. “BitInstant will fund the cards in USD, after receiving a user’s Bitcoins. These will not be ‘anonymous’ debit cards, but rather a highly convenient means for verified customers to spend Bitcoin value around the world.”